China has broken records, becoming the first country to sell more than a million electric vehicles in a month.

China surpassed one million EVs sold in a single month

August’s milestone achievement breaks the previous record set in December 2023 by 70,000 vehicles, research house Rho Motion revealed today (12 September).

Elsewhere, Rho Motion’s August figures reveal the European market is now down 4% so far this year compared to the same period last year; the first time that sales growth has turned negative in the region.

Despite this, 9.8 million EVs have been sold globally so far this year, growing by 20% year-to-date (YtD) with 1.5 million sold in August 2024.

Snapshot electric vehicle sales in January-August 2024 vs Jan-Aug 2023

• Global: 9.8 million, +20%
• China: 6.0 million, +33%
• EU & EFTA & UK: 1.9 million, -4%
• USA & Canada: 1.1 million, +9%
• Rest of world: 0.8 million, +29%

Global sales of EVs are up by 20% year-to-date

Rho Motion data manager Charles Lester commented: “China surpassing one million EV sales in a month is just the beginning. We anticipate this milestone to be reached multiple times before the end of the year as sales typically surge in the latter half of the year.

“Meanwhile, continued subsidy cuts and trade barriers in Europe are having a negative impact on sales which have shrunk for the first time for any region.

“The US and Canada are enjoying healthy sales growth rate with the outcome of the presidential election set to have a major impact later this year.”

EU & EFTA & UK

Rho Motion’s research reveals just over 180,000 EVs were sold in EU & EFTA & UK in August 2024, reaching a total of 1.9 million units sold for the year. Both PHEVs and BEVs are down year-on-year, by 3% and 5%, respectively.

Despite weaker sales in Europe, the UK has shown positive growth of 12% YtD, ahead of seasonally high sales expected in September due to new registration plates. Other markets including Belgium, France, and Portugal also have positive YtD sales.

The German market is down 23% as a result of subsides eliminated last year, however, on 4 September 2024 the German government agreed to a proposal for tax reduction for companies to help boost sales.

Rho Motion is predicting that the EU & EFTA & UK market will remain flat year-on-year in 2024.

China

EV sales in China are now 33% higher this year (January to August 2024) compared to the same period last year, after it sold over one million units in August 2024 alone.

The battery electric vehicle (BEV) market has grown by 13% but PHEV sales had another record month and has grown by 74% YtD. Plug-in hybrid electric vehicles (PHEVs) represent 42% of EV sales so far this year, growing from 32% during the same period in 2023. Following the recent EV tariffs proposed by the EU, there has been increased interest from Chinese car manufacturers looking to build out EV battery production within Europe with some countries actively “seducing” the investment. Rho Motion has forecast 2024 EV sales will grow by one-third year-on-year in 2024.

USA & Canada

The US & Canada market continues to grow at a steady pace of 9% YTD. Several manufacturers set sales records for their EVs, including Hyundai’s Ioniq 5 and Tucson PHEV, Kia set record sales of its EV9 as it continues to ramp up production which started a few months ago. Honda had record sales of over 5,000 units of its Prologue EV produced at General Motor’s factory in Mexico. Volvo also started sales of the EX90 SUV with 95 units sold.

Rho Motion’s automotive lead Will Roberts said: “November’s presidential election could be the singular defining moment for the continued success of the industry. Our scenario analysis reveals the criticality of the election – either on the brink of near unstoppable electrification of the auto industry, or a significant slowdown that leaves it lagging dangerously behind. This all depends on what happens in ballot boxes across the country in less than two months.”